1. Market Observation

Keywords: BNB, ETH, BTC

The BSC ecosystem and Solana ecosystem continue to compete for on-chain popularity, with CZ starting to promote ecological projects, using BNB to long mubarak on APX Finance. This has led to significant increases in APX and mubarak. Notably, Wintermute may become the market maker for the BSC ecosystem meme coin mubarak, having withdrawn a total of 6.04 million tokens from Gate over the past four days.

The Solana ecosystem is also taking action, with Moonshot quietly launching three new MEME tokens: TITCOIN, FAT, and ROUTINE after a long period of inactivity. Trump called for TRUMP and criticized his portrait as too ugly, leading to the emergence of the Downald token on the Solana chain, which reached a market cap of approximately $14.5 million. Bitcoin ended last week with a bullish candle, closing at around $86,000, but market opinions remain divided. In terms of short-term outlook, Bitget Research's chief analyst Ryan Lee pointed out last weekend that $85,000 will be a key psychological level; if the closing price cannot break this level this week, Bitcoin may face further downward pressure next week. For the mid-term outlook, BitMEX co-founder Arthur Hayes proposed a "rise then fall" perspective, predicting that Bitcoin will first reach $110,000 before retracing to the $76,500 level. However, trader Eugene stated that the market has entered the fifth phase, characterized by losses for bulls, price consolidation, and shrinking volume and volatility. In this phase, some stronger altcoins have reached their bottoms, but it remains uncertain whether the bottoms for most assets have been established.

Developments in regulation are also attracting attention, with Senator Cynthia Lummis proposing a Bitcoin bill for 2025 that advocates for the U.S. to acquire 1 million Bitcoins within five years, accounting for about 5% of the total supply. The SEC chair qualification hearing on Thursday is worth noting, as it may involve cryptocurrency-related content. VanEck's director of digital asset research, Matthew Sigel, mentioned that Bloomberg legal analysts believe there is a 30% chance the federal government will purchase Bitcoin this year.

On the macroeconomic front, the market is closely monitoring several key indicators. Nexo analyst Iliya Kalchev emphasized that the consumer confidence index, Q4 GDP, initial jobless claims, and upcoming PCE inflation data will all influence the Federal Reserve's interest rate cut decisions. The Fed hinted at ignoring short-term inflation pressures during its March 18-19 meeting, laying the groundwork for potential future easing policies. Nansen research analyst Nicolai Sondergaard stated that global tariff concerns will continue to pressure the market until tariff-related issues are resolved between April 2 and July.

2. Key Data (as of March 24, 13:30 HKT)

• Bitcoin: $86,928.38 (Year-to-date -7.13%), daily spot trading volume $17.58 billion

• Ethereum: $2,050.00 (Year-to-date -38.54%), daily spot trading volume $9.255 billion

• Fear and Greed Index: 45 (Neutral)

• Average GAS: BTC 1.47 sat/vB, ETH 0.43 Gwei

• Market Share: BTC 60.7%, ETH 8.7%

• Upbit 24-hour trading volume ranking: AUCTION, XRP, W, ZETA, BTC

• 24-hour BTC long/short ratio: 1.0496

• Sector performance: AI sector up 5.57%, DePIN sector up 4.73%

• 24-hour liquidation data: A total of 81,306 people were liquidated globally, with a total liquidation amount of $169 million, including $58.17 million in BTC and $25.23 million in ETH.

3. ETF Flows (as of March 21 EST)

• Bitcoin ETF: $83.09 million

• Ethereum ETF: -$18.63 million

4. Today's Outlook

• Confidential computing network Arcium will launch a community round on CoinList, with a total token supply of 1 billion (SPL standard)

• Berachain officially launches PoL (Proof of Liquidity), governance enters the first phase, and incentive mechanisms will take effect, with a new reward pool to be emitted

• Sky Governance reduces Sky savings rate to 4.5%

• Binance and Huobi HTX launch Nillion (NIL) spot trading pairs

• Babylon Genesis Pre-Launch Meetup: Taipei (feat. Zeus Network) will be held on March 24, 2025

• Bithumb plans to terminate trading support for Bitcoin Gold (BTG) and VALOR tokens

Today's Top 500 Market Cap Gainers: BugsCoin (BGSC) up 36.16%, Mubarak up 26.52%, Ankr (ANKR) up 25.43%, SPX6900 up 23.01%, StormX (STMX) up 22.63%

5. Hot News

• Weekly Preview | Walrus plans to launch its mainnet; Berachain Foundation will launch PoL on March 24, governance enters the first phase

• This Week's Macro Outlook: The market expects the Federal Reserve to be more dovish, with stagflation concerns still unresolved

• Data: Tokens such as ALT, VENOM, and YGG will see significant unlocks, with ALT unlocking valued at approximately $9.8 million

• Michael Saylor releases more information related to Bitcoin Tracker, may disclose increased holdings data next week

• GoPlus: All frozen funds have been transferred to the company account and the "buyback plan" has been initiated

• Analyst: BUSD was once the third-largest stablecoin by market cap, currently its market cap on the Ethereum chain is only about $50 million

• Wintermute may have become the market maker for the meme coin mubarak

• Suspected Binance Wallet employee profits over $110,000 through trading UUU on the BSC chain

• Movement co-founder: movedrop will launch in April

• Trader Eugene: Strong altcoins have reached their bottoms, but it remains unclear whether the bottoms for most assets have arrived

• Data: This week, the U.S. Bitcoin ETF purchased 8,775 BTC, while miner output was only 3,150 BTC

• Japanese listed real estate company Open House Group announces acceptance of XRP, SOL, and DOGE payments

• Analysis: Bitcoin momentum shows short-term potential, but still leans bearish in the long term due to low trading volume

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